Busting The Most Common Startup Myths

If you visit a few different blogs and business websites right now, you’ll find a lot of information. Most of it will be advice on starting a business. Unfortunately, a lot of these articles contradict one another. Is it easy to start an online company or the greatest challenge you’ll ever face? Do you need professional marketing or can you just run the promotional campaign yourself? It’s easy to get lost in the maze of helpful hints, cheat sheets, and ultimate guides. All of the information out there has led to the widespread belief of myths about setting up a company. That’s where we’re here to help. On this post, we’re going to debunk all of these myths. That way you can make sure you know the facts before you start your own business. Let’s start with one of the most common myths you’ll find spread across the net.

97 Percent Of New Startups Fail

Okay, yes, there is a degree of truth behind this one. It’s based on a real research study that investigated the likelihood of a startup company succeeding. However, it is worth pointing out that the research paper included all start-up companies in the result. It didn’t cancel out companies with owners who had no experience on the market. It didn’t cross of the companies that failed in the first week. If your business fails in the first week on the market, it should never have opened in the first place. It also didn’t explain what had been classified as a start-up company. Many bloggers would claim that any website could be considered a start-up business while some economists would disagree. There are plenty of other factors to take into consideration as well. Brought together that percentage, is quite misleading. It’s not as close to the truth as some people claim. Therefore, you shouldn’t assume that your startup is going to fail in the first year. Plenty do succeed.

You Need Money In The Bank To Start A Business

You might need some money to start a business. But once it’s been on the market, you can use a loan to pay the rest of the costs. You can take out a business loan and theoretically, you don’t need any money in the bank to do this. Using a service such as BusinessLenderMatch, you can get the money you need quickly from any number of the lenders that they represent. You just need to be careful that you do understand how much you’ll have to pay back. Now, obviously, it’s not quite as simple to say that you don’t need any money to start a company. It’s likely that most lenders will run a credit check. They want to make sure you have a good history of paying your debts and a healthy income. If you don’t, you can apply for a loan, but there’s no guarantee you’ll get one. That said, many lenders do support business owners, even if they had bad credit. Therefore there should be nothing stopping you running a successful business with low personal finances.

Marketing Is A DIY Job

We disagree with this myth that we’ve seen on a number of websites in recent weeks. The general reasoning behind this is that you can market with SEO. SEO is easy, therefore marketing your own company is simple and smart. It makes sense, as long as you don’t think about that reasoning for too long. On the surface, SEO may appear to be easy. Particularly, if you only have a basic understanding of the concept and think it just refers to keywords and links. Anyone can add a link to a piece of content. It’s just the same as adding one to an email, but SEO is trickier. You need to make sure that you’re not accidentally crossing the line into blackhat SEO techniques. For instance, adding a link that has no relevance to the keyword. As well as this, SEO has become a far-reaching source in recent years, spreading to social media and content promotion. That’s why it’s better to hire a professional marketer rather than trying to do it yourself.

It’s Easy To Kickstart A Company

Is Your name Taylor Swift or perhaps Kevin Hart? If so, then yes you have an excellent shot at getting your business idea supported on a site such as Kickstarter. If not, then you’ll be facing an uphill battle because there are countless people who have the exact, same idea. It would be so easy wouldn’t it? If all it took to start a business was to set up one profile with your proposal and wait for people to give you money. It’s just not that simple because you have to get people’s attention. Most Kickstarter campaigns garner no attention at all and die once the time runs out. Unless you have an awesome original idea and great marketing hook, forget about crowdsourcing. It’s nothing more than a massive waste of time.

Iâ€™m An Entrepreneur; I Can Avoid Paying Taxes

Many entrepreneurs have tried and failed to avoid paying taxes on their business. You might have read about the different ways the filthy rich avoid taxes. It’s a dangerous game, and the legal loopholes are now constantly being tightened. It’s just not worth trying to slip through and ending up paying a massive fine. Instead, what you should consider doing is using your expenses to your advantage. A recent government report revealed that many business owners don’t take enough advantage of expenses. It’s understandable, but the worse that can happen is that the expense will be rejected. If we’re honest, that’s probably not going to happen. You’d be surprised how much you can add on as a business expensive, particularly if you work from home.

Anyone Can Start A Company

Technically, anyone who wants to can set about starting their own company. But should you? That’s a different question and one that has a far more interesting answer. We think that anyone considering starting a business should have experience in that industry. They should also have already made connections in the business world that they can use to their advantage. It’s true anyone can start a business, but not everyone is in the right position to reach success.

Hello friends, let me take the privilege or introducing myself to you. I am Nitin Maheta from a small place called Rajkot. My urge to know more and more have leaded me to the growing areas of technology. By profession, I work in a garment s... see more